Scholars: Asian economies to play significant role in shaping new world
Scholars: Asian economies to play significant role in shaping new world
18:05, November 05, 2009 
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Asian economies will play a significant role in shaping new world's order as economic power has shifted from developed countries in the United States and Europe to developing region countries, scholars said in their paper presented at an international conference in Indonesia on Thursday.
Vildan Serin from the Fatih University of Turkey and Bulent Gokay of Kelle University of Britain said that modern world system has gone through several rounds of hegemonic shifts and several cycles from single-centric to multi-centric organizations for centuries.
"No doubt, for Asian economies, these are challenging times. But, what the G20 summit shows is that the old financial world is over. At this stage, nobody knows what the new financial order will look like. But, what is sure is that Asian economies will play significant role in shaping this new order," said the experts.
According to them, by 2050, measured by purchasing power, it is expected that China would contribute 20 percent of the world's gross domestic product (GDP) from 13 percent in 2007 while India to reach 12 from six percent.
In the meantime, "the United States' GDP will slip to 14 from 21 percent while Europe will decline to 10 from 21 percent," they said.
In the paper, the two experts said that historically, Asia, and especially East Asia, was already dominant for most human history in less than two centuries ago.
"That time, China and area that is now known as India accounted for about 75 percent of global GDP. Even in 1820, China and India together were worth more than 50 percent of the world's trade. Meanwhile, Europe's share was relatively insignificant and America had been discovered but was still not important enough beyond the Atlantic," they said.
Then, they added, for a number of reasons, Asian economies lost their position to the West, Europe and America, but it seems only temporarily.
"That shift happened in the 19th century and another shift appears to be happening again at the beginning of the 21st, as the center of the world's economy seems to be shifting back to the East," they said.
Indonesia is hosting the fourth International Conference of the Asian Philosophical Association on Nov. 4-6, joined by at least 150 experts from Asian countries.
Source: Xinhua
Vildan Serin from the Fatih University of Turkey and Bulent Gokay of Kelle University of Britain said that modern world system has gone through several rounds of hegemonic shifts and several cycles from single-centric to multi-centric organizations for centuries.
"No doubt, for Asian economies, these are challenging times. But, what the G20 summit shows is that the old financial world is over. At this stage, nobody knows what the new financial order will look like. But, what is sure is that Asian economies will play significant role in shaping this new order," said the experts.
According to them, by 2050, measured by purchasing power, it is expected that China would contribute 20 percent of the world's gross domestic product (GDP) from 13 percent in 2007 while India to reach 12 from six percent.
In the meantime, "the United States' GDP will slip to 14 from 21 percent while Europe will decline to 10 from 21 percent," they said.
In the paper, the two experts said that historically, Asia, and especially East Asia, was already dominant for most human history in less than two centuries ago.
"That time, China and area that is now known as India accounted for about 75 percent of global GDP. Even in 1820, China and India together were worth more than 50 percent of the world's trade. Meanwhile, Europe's share was relatively insignificant and America had been discovered but was still not important enough beyond the Atlantic," they said.
Then, they added, for a number of reasons, Asian economies lost their position to the West, Europe and America, but it seems only temporarily.
"That shift happened in the 19th century and another shift appears to be happening again at the beginning of the 21st, as the center of the world's economy seems to be shifting back to the East," they said.
Indonesia is hosting the fourth International Conference of the Asian Philosophical Association on Nov. 4-6, joined by at least 150 experts from Asian countries.
Source: Xinhua
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